As one the largest bankruptcy financings to date prepares for pricing this week, amid an estimated $7.9 billion in new volume, municipal experts are divided in their opinion over the outcome of the deal, the investor base that will and should ultimately buy the bonds, and the terminology used to describe its ratings.

The $1.8 billion Jefferson County, Ala., sewer warrant deal raised eyebrows on Friday when it thundered into the market for the first day of its retail order period where yields on some of the subordinated debt were offered at close to 8%.

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